The S&P/ASX200 closed lower on Tuesday, dropping 75.90 points, or 0.92%, to settle at 8,159.10. This marks a subdued end to a year of overall gains for the Australian share market. Despite Tuesday’s loss, the index posted an annual gain of about 7.5%, reflecting the resilience of the market throughout the year.
Figure 1: ASX Performance on the last day of 2024
Top and Bottom Performers of the Day
Several stocks struggled as the year closed. JB Hi-Fi Limited led the decline, falling 4.09%. Car Group Limited followed closely, dropping 3.20%. AMP Limited also ended the day down 3.1%. These losses contributed significantly to the index’s daily performance.
On the other hand, a few stocks offered a glimmer of hope. Karoon Energy rose 3.6%, while Neuren Pharmaceuticals gained 2.5%.
Sector Performance Analysis
The majority of sectors faced challenges on the last trading day of the year. Nine out of 11 sectors ended the day in the red.
Energy and Utilities Shine
Energy emerged as the top-performing sector of the day, increasing by 0.47%. Utilities followed with a modest 0.33% gain.
Widespread Losses Across Sectors
Real Estate and Consumer Discretionary sectors faced the steepest declines. Real Estate dropped 1.71%, while Consumer Discretionary slipped 1.35%. Other sectors also recorded significant losses:
- Telecommunication fell 1.05%.
- Financials declined 1.04%.
- Healthcare dropped 0.91%.
- Materials lost 0.84%.
The Information Technology sector also faced challenges, with a 0.47% drop. Staples ended slightly lower, down 0.18%.
The Weekly and Yearly Picture
The S&P/ASX200 lost 0.75% over the last five days, reflecting a short-term bearish trend. The index now sits 4.17% below its 52-week high, indicating potential room for recovery in 2025.
Energy Sector Faces a Tough Year
The energy sub-index experienced its worst trading year since 2020, falling 19.2% year-to-date to 8,141 points. Reuters reported that the sector’s decline marked a significant departure from its otherwise steady performance in recent years.
Top Gainers for Tuesday
Several stocks stood out with impressive performances on the last trading day of the year. Ainsworth Game Technology Ltd topped the gainers, soaring 8.81% to $0.865. Jupiter Mines Ltd followed closely, rising 7.41% to $0.145.
Other notable gainers included:
- Droneshield Ltd, up 6.99% to $0.765.
- Infomedia Ltd, up 6.94% to $1.54.
- Mesoblast Ltd, gaining 6.90% to $3.10.
Latin Resources Ltd and Ioneer Ltd both climbed 6.67%, ending at $0.16. Bannerman Energy Ltd gained 5.07%, closing at $2.90.
Biggest Fallers on New Year’s Eve
Iperionx Ltd recorded the largest loss of the day, plunging 7.56% to $5.50. Brainchip Holdings Ltd followed, dropping 7.14% to $0.39.
Other notable fallers included:
- Vulcan Steel Ltd, down 7.03% to $6.75.
- Contact Energy Ltd, falling 5.28% to $8.26.
- Ora Banda Mining Ltd, losing 4.41% to $0.65.
Looking Ahead to 2025
Despite Tuesday’s losses, the ASX wrapped up 2024 with solid annual gains of about 7.5%. This performance reflects the resilience of the Australian economy amid global uncertainties.
Market analysts remain cautiously optimistic about 2025. Many expect a focus on growth sectors such as technology and healthcare. Energy and real estate sectors may face continued challenges, while consumer sentiment and interest rate trends will likely shape the market’s trajectory.
The Australian share market’s ability to rebound from setbacks in 2024 offers hope for another year of growth and opportunity. Investors now await the new year’s first trading day to see if the ASX can start 2025 on a positive note.